GTG settles yet another DNA patent suit
Genetic Technologies (ASX:GTG) has settled another patent infringement lawsuit with a US genetic testing company.
The company will dismiss its legal action against Seattle’s Genelex Corporation after reaching a settlement and release agreement on confidential terms.
GTG filed suit against Genelex in late 2012 as part of its US assertion program for its non-coding DNA patents.
This agreement marks the latest in a line of lawsuits and eventual settlements with DNA testing companies.
The most recent prior to this came earlier this month through a settlement with Genesis Genetics Institute. In April, the company announced two settlement agreements in as many days.
GTG separately announced it had finalised terms for a planned US$5 million ($5.35 million) issue of convertible notes to Ironridge BioPharma, as part of its up to $11.4 million capital raising.
Pending shareholder approval, GTG will issue the US$5 million in notes convertible into Nasdaq-traded ADRs at a fixed conversion price of US$3 per ADR.
The company will also issue Ironridge an unlisted option to subscribe to up to a further $5 million in notes convertible at US$4 per ADR.
GTG will use the funds to expand US distribution for breast cancer test BREVAGen, complete studies to add additional ethnicities including African American and Hispanic to the test and increase market awareness for the product.
Genetic Technologies (ASX:GTG) shares were trading 3.61% lower at $0.08 as of around 1.30 pm on Wednesday.
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